Saturday, June 23, 2012

WOSB Federal Contract Program Helps Women-Owned Businesses

Women who own small businesses are getting an opportunity to compete for federal contracts through the Women-Owned Small Business (WOSB) Federal Contract Program, administered by the U.S. Small Business Administration.

Women-owned small businesses are one of the fastest growing sectors of the economy. The WOSB Federal Contract Program gives them an increased opportunity to compete in 83 categories in which the government has determined women-owned businesses have been underrepresented among federal contractors. The goal, according to SBA, is to earmark 5 percent of federal contract dollars toward women-owned businesses.
Here's how it works. Any small business that is at least 51 percent owned and controlled by a woman who is a U.S. citizen qualifies to participate in a certification program. Economically-disadvantaged women-owned small businesses (EDWOSBs) also qualify by meeting the specific financial requirements set forth in the program regulations.

Documentation of eligibility can be sent to SBA through a secure online data site. Qualifying companies can submit their own applications by following the instructions on the SBA website. Completing the certification process is very important because the invitations to compete and win government contracts comes to those who have registered for the program.

Since the program was announced in 2011, 8,000 women-owned companies have registered to participate. This has enabled more women-owned businesses to grow and has added more jobs to our economy.